IWSF – Ch 241

Before attending the hearing, I met Chairman Im Jin-yong.

“How was the hearing?”

He looked utterly exhausted, having been sitting in the witness seat from early morning until late.

“Being scolded all day by different people has left me completely drained.”

I nodded.

“If you did something wrong, you should naturally be scolded.”

Chairman Im Jin-yong gave a bitter smile.

“I have nothing to say about the past. We need to make sure this doesn’t happen again in the future. But the things we’ve done so far have been a great help. Especially regarding the foundation establishment we just announced, the lawmakers were praising it with one voice.”

At hearings, business leaders with poor public opinion tend to get hammered.

Fortunately, the image of Seosung Group has improved significantly compared to the past.

They’ve expanded factories, increased employment, and converted temporary workers to permanent positions. They are also actively engaged in social contribution activities. Perhaps because of this, recent public opinion doesn’t view Chairman Im Jin-yong so negatively.

Unlike other developed countries, chaebols and business leaders are not particularly respected in Korea.

Of course, this isn’t because the public’s perception is wrong, but because business leaders have behaved poorly in the past.

They’re constantly being wheeled into the prosecutor’s office for embezzlement, breach of trust, tax evasion, and assault; how can anyone respect them?

“By the way, why did they call me when I haven’t done anything wrong?”

The purpose of the hearing is to uncover the corruption and illegal activities of the previous administration and punish those involved, not to call in business leaders they don’t like and reprimand them.

“The Liberty Korea Party will naturally be grinding their teeth, and the ruling party will want to show the public how hard they’re working for them. As you know, you are the most famous business leader not only in Korea but in the world.”

Chairman Im Jin-yong took a sip of water and said.

“Political power is always afraid of market power. Sometimes the government wants to control the market.”

Most developed countries have adopted democracy politically and capitalism economically.

Political power is always subject to change, as seen in the recent change of government after 10 years. (Of course, there are countries where this isn’t the case.) On the other hand, although the rankings may fluctuate, the chaebols of the past are still chaebols today.

But I built my wealth from scratch and have no real connection to the chaebols, right?

“Wealth, once accumulated, inherently gains power. From the government’s perspective, they can’t help but pay attention to someone who possesses the most wealth in the world. There will be a lot they want to get out of you. There are three main things they can pick on regarding OTK Company: that the corporation is in a tax haven, that you profited from operating and investing in cryptocurrency exchanges, and that you don’t invest much in Korea.”

“Is that a problem?”

Chairman Im Jin-yong smiled and said.

“If they make it a problem, it will be a problem. The hearing committee members will probably come on strong. Just bow your head and give them the answers they want to hear. If you just show that you’re listening, it will pass smoothly.”

There are a total of 300 members of the National Assembly in Korea.

How many of them do the people remember by name and face? At most, around thirty.

If you ask piercing questions or perform well at a hearing, you can make a strong impression on the public.

In short, it’s a very good opportunity to raise your profile. It’s not for nothing that the term “hearing star” exists.

Of course, there are cases where people end up being disliked for doing foolish things.

Chairman Im Jin-yong handed me a thick stack of documents.

Upon a quick glance, it contained detailed information about the lawmakers questioning at the hearing, including their backgrounds and tendencies, as well as anticipated questions and model answers.

“It’s like looking at exam cram notes.”

“It’s not illegally obtained information. It will be of great help to you before going to the hearing.”

No wonder they manage to deflect even the most pointed questions; this is how they do it.

“Do I have to study for this too?”

“Other chairmen even do rehearsals beforehand. Their secretaries or managing directors play the roles of the lawmakers and ask questions.”

“……”

Come to think of it, when preparing for job interviews, people come up with expected questions and do mock interviews. Going to a hearing probably requires this much preparation as a must.

If you mess up an interview, you just don’t get the job, but if you say the wrong thing at a hearing, you could get utterly ripped apart.

***

The next day.

I woke up early in the morning and put on a neat suit.

“Let me tie it for you.”

Ellie, who had come down from the bed, tied my tie. Her appearance was so cute that I leaned in and kissed her.

“You look extra handsome today.”

“Thank you.”

Ellie hugged me and said.

“Hing, can’t you not go?”

I stroked her hair.

“I’ll be back soon, see you at dinner.”

When I went downstairs to the first floor, Taek-gyu was sitting there.

“You’re up early for once.”

“I stayed up all night.”

So he didn’t get up, he just didn’t sleep.

Taek-gyu patted me on the shoulder and said.

“Good luck at the hearing, my friend. I’ll be cheering you on while watching the live broadcast. I’ve even prepared popcorn.”

“……”

***

How does one live their life in a way that leads to appearing at a National Assembly hearing?

Apart from a group field trip from elementary school in the second grade, this was my first time coming to the National Assembly.

I sat in the witness seat and looked around. The first thing that caught my eye was the cameras.

The hearing proceedings are broadcast live on the National Assembly channel. My face is probably on the air right now.

My mother and Ellie will be watching with concern, and Taek-gyu will be enjoying it with popcorn.

Besides me, several other chairmen had been called to the witness stand. Chairman Ahn Hyun-sung of Hwan Group, whom I met recently, Chairman Jin Dong-min of Rite Group, whom I greeted before, and Chairman Han Chan-young of Eunsung Motors Group were also there.

“……”

But why am I stuck in the middle of all this? Why?

The actual questioning time for the witnesses was short. The rest of the time was spent just sitting upright and waiting for hours.

As anyone who’s done it knows, it’s incredibly tiring. It’s like some kind of military hazing…

As expected, the chairmen gave model answers.

“I don’t recall clearly.”

“I don’t know as I didn’t directly instruct it.”

“I will go back and check, and we will immediately rectify any issues.”

“Through this incident, I have realized my mistakes and am deeply reflecting.”

“I will fulfill the responsibilities of a corporation in the future.”

“I will sincerely strive to increase investment in Korea and create jobs.”

Finally, around lunchtime, it was my turn.

The first to question me was none other than Representative Lee Jung-hye of the Liberty Korea Party.

A three-term lawmaker and former party leader, he lost to Heo Chang-min of the New Politics Party in the last presidential election and stepped down as party leader, taking responsibility for the election defeat.

Representative Lee Jung-hye asked me.

“Where is OTK Company incorporated?”

It was a sudden question, but I answered calmly.

“Delaware.”

“Have you ever been there?”

“No, I haven’t.”

“So, you created a corporation on a remote Caribbean island you’ve never even been to. What’s the reason?”

I was confused and asked.

“How is that related to this hearing?”

Representative Lee Jung-hye said reproachfully.

“Answer only the questions you are asked.”

I decided to answer only the questions as instructed.

“I don’t know, as I am not the founder.”

It was Oh Taek-gyu, not me, who established OTK Company in Delaware.

He then shouted at me.

“Aren’t you the largest shareholder and CEO?”

“I received shares as a reward for successful investments; I had no involvement in the establishment.”

Hyun-joo noona handled all the paperwork.

“Regardless of who founded it, it was created in a tax haven to avoid taxes! This is an act that negatively impacts the normal tax system!”

He wasn’t wrong.

Global companies like NPL and Gooble also avoid taxes by establishing corporations in regions with the lowest corporate taxes (or tax havens) and funneling profits there.

The amount is so large that Europe is discussing strengthening taxation to address it.

However, OTK Company’s case is a bit different. Gooble and NPL directly sell products and services, but OTK Company only makes investments in businesses and finance. Therefore, to make a comparison, you would need to compare it to other investment firms. And it’s common for investment firms to be established in tax havens.

“OTK Company’s investments, K Company, and the various companies K Company invests in, pay corporate taxes in Korea. I also pay dividend and income taxes in Korea.”

“Then what good is that? OTK Company itself is in a tax haven!”

“It’s not like the corporation was established illegally, and it was in a tax haven from the beginning, so isn’t that not wrong?”

Representative Lee Jung-hye’s voice grew louder.

“So is that something to be proud of? Move the corporation to Korea immediately!”

I was taken aback and asked.

“Why should I move the corporation to Korea?”

Then, as if he had been waiting for this, Representative Lee Jung-hye snapped back.

“Don’t you, CEO Kang Jin-hoo, have any patriotism?”

“……”

Why is patriotism coming up here?

I said calmly.

“Patriotism arises from the heart, and I don’t believe it can be forced just by demanding it in a place like this.”

Representative Lee Jung-hye made an incredulous expression and said patronizingly.

“If you are Korean, you should naturally have a heart that cherishes and loves Korea. Dosan Ahn Chang-ho always emphasized patriotism and love for the nation.”

I was starting to get annoyed. Why am I even here doing this?

I pondered for a moment.

Should I just answer politely and move on like the other chairmen, or should I act according to my personality?

Chairman Im Jin-yong’s advice to just bow my head came to mind.

Even the chairman of Seosung Group bows his head, so it’s not like I can’t, but my situation is very different from that of the Korean chaebols.

I don’t have any issues with management control, and I haven’t committed embezzlement, breach of trust, or tax evasion.

Of course, maintaining good relations with the political world wouldn’t be bad… but well, if there’s a problem, I can just pack my bags and go to America.

Having made up my mind, I spoke into the microphone.

“Then, Representative Lee Jung-hye, are you so overflowing with patriotism that you attended the Self-Defense Forces Foundation Day celebration?”

“Wh-what did you say?”

He seemed not to have heard, so I spoke clearly.

“When you were a freshman lawmaker, didn’t you attend the Self-Defense Forces Foundation Day celebration held at the Japanese Embassy? When it became an issue, you initially excused yourself by saying you didn’t know what it was, and then later claimed you never attended at all and threatened to sue for spreading false information.”

Of course, the coverage from that time remains in video form.

I continued.

“As you said, Dosan Ahn Chang-ho fought for Korea’s independence with a heart of patriotism and love for the nation. But why did you go to celebrate the founding of the Self-Defense Forces, which carries on the legacy of the Japanese military that invaded Korea at the time? Could that possibly be patriotism?”

Representative Lee Jung-hye’s eyes widened, and he shouted.

“Are, are you insulting the National Assembly right now?”

“That’s a misunderstanding.”

“What’s a misunderstanding?”

“If my remarks sounded insulting, please consider that I was insulting you, not the National Assembly.”

Representative Lee Jung-hye trembled with anger.

“Insulting a member of the National Assembly, who represents the people, is insulting the people!”

I said calmly.

“I am one of those people.”

“Wh-what… how dare you speak like that in the National Assembly? Resign from your position as CEO immediately!”

Shouting for someone to resign at the drop of a hat is one of her specialties. It’s so frequent that even other lawmakers have told her to shut up.

It would have been something to see if he had become president.

“Whether or not I resign from my position as CEO is a matter to be decided by a vote of OTK Company’s shareholders, not by you.”

Very surprisingly, I hold 80 percent of those votes.

Then, I added with a smile.

“Just like the people voted on whether or not you were qualified to be president.”

Of course, the people didn’t choose her. That’s probably why he’s here and not in the Blue House.

Unable to endure it any longer, Representative Lee Jung-hye jumped up, pointing her finger and shouting.

“Are you trying to mess with me?!”